What is a realistic amount the bank would lend someone who earns 40 000 a year, has 10% deposit for the property they want, and with no credit card debt, no credit card, low living expenses, no dependables (no kids), no loans (except HECS)? And are banks or building societies generally better to borrow from? Thanks for all replies.
Without further details this question is almost impossible to answer as every serviceability model is different.
More importantly under the new National Consumer Credit Code it is not a matter of fitting the deal into a lenders serviceability calculator (The Banks dont have to comply until 1 Jan 11 with the code whearas Brokers and non ADI's do from the 1 July) more a matter of investigating the individual expenses and working out is a viable amount he can borrow and a product that is not unsuitable.
Hecs repayment depending on how much this is will not aide his position.
Richard Taylor | Australia's leading private lender
As above, with so many variables – but for a non conservative lender a ball park number of $210,000
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